banner_ad

Violation of cash rules penalty imposed transaction

This query is : Resolved 
Profile Image

Profile Image

(Querist)
18 February 2025 Sir,
The it tax payer cash loan to relatives rs:15 lacs through on cash mode paid dt:10-1-25
After another date:10-2-25
Cash loan from relatives rs:15 lacs amount repayment through on bank channel mode received
Question:
Assessess above transaction violation of cash rules penalty imposed in it act.
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
19 February 2025 As per sec. 269SS IT act, a person cannot accept cash loan of Rs. 20,000/- or more (in aggregate) from any other person; unless both are agriculturalist, or in case of loan from relatives in case of any emergencies. In case of the violation of the rule, 100% penalty can be charged.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details